Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1887-07-22
ATTEMPTED TOO MUCH.
Tie Inside History Of the Late At
tempt Of Runge Of Galveston 10
Corner August Cotton.
How & 100000 Syndicate Was
Formed With the Expectation Of
Making Big Money.
No Satisfied with Corneri1E New York,
BunSa attempts to Put tho Muzzle on
Liyerpool-The Result a Flasco.
BE LATEST CORNER.

NEW YORK, July lS.-The Mail and Ex-
press says the announcement that RuDge,
the big Galveston cotton operator, had
made On assignment in that city caused q
decline oflIt points inAugust here to-dsy,
rqusl TO the same amount in Liverpool.
Ruuge had been CARRYING @ large line of
cotton for s syndicate, which embraced
people in Galveston, New Orleans and
Liverpool, and if reports are correct also
included operators in ChiCsgo and St.
Louis who are well known in The grain
trade. Range was 9 member of the firm
of Kaufman * Runge, g cotton firm in
Galveston. He organized his syndicate
, as far back as February, when cotton was
considered low, and began 10 buy near
options, more particularly April, until he
had cOrner5d thst month, gradually adj
vauCing the market till it stood l cent
above the lowest point. He took hold of
August st about 9 S cents and pushed it up
on shorts till the market touched / jJ
cents q few weeks ago. The bull movement
all along was based upon the eheapuess
OF prices or the favorable statistical pO-
sitiOD, but stocks on hand increased aud
/ the recent report of the. buresu OF agri-
culture, showing very favorable outlook
for the new crop, made the corner stag
ger. August soon began to Wayer and
/ look tOp-heGyy until il suddenly took a
downward plunge end, with al occasional
rally, mas been declining ever since. T,Jh3
/ total advance on the syGdicste's AusCE
cotton fGOm the lowest point was
a3oG. J. cents but since then the msr-
ket has ct intervals dropped
% and 30 points at q time and to-day in
/ sympathy with the isll in Liverpool
showed q decline from the highest point
of little more thsn &c. There was
7 less excitement than might be expected
under the circumstances, but still Tor
time the market was active and excited
IS it was not known how the syndicate
stood on the market or how some of the
. German houses would weather the
asle. August closed On Saturday OF
+ 1922, but sunk rapidly on the first call
to-dsy!to l0.O8. As il began TO sppear, how
ever, that Mr.. Runge's contract lere had
been settled the market became stronger
and the buying of shorts carried the
price back to 10 y. LGter Il was
1909. Mr.. Bunge mas had considerable
/ success in other specuIations. lie is IN
deTstOOd TO have made $500, 200 in the
big coffee deal and 1t is said to have been
Sehind the recent corner IN wheat here Oy
which the prices WAS forced from 90 up
to IO7. Some of his friends in the grain
trade e. the west went into cotton by his
advice, though it is not known how
heavily. The syndicate Of which he was
the head represented capital
. it was claimed, of So, 900, 0C1, and it was
said At one time the click had 200, 600 5sies
here and 100000 in Liverpool. The
opinion here is that he had good chance
" = { no HoI a -,
I New York only. He sought, however, 70
/ put the screws on liverpool, and the task
proved too much for MIN, and instead Of
/ the $1,000, 900 or $4,000, 900 which the
click claimed they would make on the
/ deal il he's fallen through altogether, and
/ the cotton was sold out in Liverpool TO-
( dgy